A discharge petition Sept. 15 was filed in the U.S. House of Representatives by Rep. Dan Lungren (R-Calif.) order to move forward the Small Business Paperwork Mandate Elimination Act (H.R. 5141) that would repeal the expansion of information reporting requirements contained in the Patient Protection and Affordable Care Act (PPACA).
Under PPACA, beginning in 2012, businesses will have to file a Form 1099 to all vendors, both incorporated and unincorporated, to which they pay more than $600 annually for both goods and services. ABC Sept. 13 sent a letter to all members of the U.S. Senate urging passage of an amendment that would have repealed the Form 1099 requirements. The amendment failed in a 46-52 vote.
In order for the discharge petition to be successful in forcing the bill out of the House Committee on Ways and Means and up for a vote, 218 members of Congress must sign the petition. ABC encourages all members to write or call their member of Congress and encourage him or her to sign onto this petition and help reduce the burden on small businesses. For a list of Representatives and their contact information, click here.
For more information on Form 1099 reporting, visit ABC’s dedicated page.
For more information on tax issues, visit ABC’s online tax toolkit.